Which best describes an opportunity cost?

accepting an opportunity to do something else when making an economic decision
giving up an opportunity to do something else when making an economic decision
accepting an opportunity to accomplish something else when making an economic decision
giving up an opportunity to increase prices when making an economic decision

giving up an opportunity to do something else when making an economic decision.

Explanation:

Opportunity cost arises when one gives up on an item for a substitute.

In this case, the individual has to choose between two alternatives which he or she cannot venture into at the same time.

For instance if one has to choose between opening up a dress store and a liquor store, where they have to choose one. Dropping one of them and opting for the other shall be refereed to as opportunity cost.

manifest functions are the recognized and intended consequences of any social pattern, while latent functions are those unrecognized and unintended consequences. to analyze the manifest functions of any social institution, we have to study its contribution to the continuation of a group, community, or society.